Solution Targets Practical Employee Financial Literacy Gains
The Financial Elements program breaks down challenging concepts into simple elements to increase financial literacy and reduce employee financial stress through education and behavioral coaching.
Resources Investment Advisors, Inc., a partnership of independent financial advisers based out of Overland Park, Kansas, is launching a new financial wellness solution called Financial Elements.
Going live on May 1, 2018, the program is meant to be “purchased by employers who experience the soft and hard costs of high-turnover, absenteeism and financial hardship of their employees.” According to the firm, the Financial Elements program breaks down challenging concepts into simple elements to increase financial literacy and reduce employee financial stress through education and behavioral coaching.
The rollout comes as financial stress among U.S. employees is reaching “epidemic proportions.” Survey data shows as many as 75% of Americans currently live paycheck to paycheck, while personal savings rates are at their lowest since 2007 and non-mortgage debt levels are higher now than during the Great Recession.
Data provided by Resources Investment Advisors, citing PwC’s latest employee financial wellness report, suggests more than half of employees are regularly stressed about their finances—and more than a quarter of financially stressed employees admit to being distracted at work. Notably, nearly half of distracted employees say they spend over three hours per week on personal finances at work.
“Financial Elements wellness program targets employees on an individual level to identify and change behaviors that impact each employee’s financial literacy and wellness,” the firm explains. “First, through an online assessment, mentors (financial professionals) identify the state of each employee’s financial health. Second, mentors who provide personalized financial guidance introduce ‘the human element’ by reaching out to employees to address elements such as budgeting, retirement planning, debt, and investment counseling. Finally, through periodic check-ins and goal setting, mentors assist employees in sticking to their financial plans, thereby changing behavior, and easing financial stress.”
Vince Morris, president and CEO of Resources Investment Advisors, says the program is unique in its utilization of technology and off-site mentors to work with employees.
Additional details about the program can be found at www.financial-elements.com.